New Delhi:

Senior lawyer Mahesh Jethmalani has punctured US short seller Hindenburg Research’s chief Nate Anderson over his announcement that he would wind up the firm. Mr Anderson said the work took a toll on him as it was “rather intense and at times all-encompassing”.

Hindenburg targeted the Adani Group in a case that is now seen as an attack on the ‘India Story’.

“Frankly speaking, I don’t know how old Mr Anderson is, but the fact of the matter is that he’s not had some sterling results. His claim to fame really rests on the Adani hit job, which he was part of. I don’t think he’s done other serious work or businesses of note. So, he is essentially a research analyst,” Mr Jethmalani told NDTV.

One of the reasons for winding up Hindenburg, Mr Anderson said, was it completed the projects it was handling. The announcement comes just days before President-elect Donald Trump’s inauguration event. There is speculation Hindenburg is disbanding to avoid a possible India-US joint investigation.

“I really don’t know his exact line of business. He is a research analyst who provides reports to people, or he is hired by people who need to bear-hammer a few shares for profiteering. In this case, of course, he became a little larger than life because he took on one of the biggest industries in India, which for a couple of days caused serious economic turbulence in the country,” Mr Jethmalani said.

Mr Anderson’s allegations led to panic among investors and wiped out more than $150 billion in the value of the Adani Group shares at their lowest point. A lot of that was money from small-time investors, men and women who put in their hard-earned savings. And now Mr Anderson says ‘I am off, I am done.’

How does one ensure accountability?

“As far as India is concerned, SEBI is on the job. The problem is that this man doesn’t live in India. He is presumably a US national. Now, if he is a US national, all the best we can do is seek the cooperation of the government. But the last government, the ‘Democratic deep state’ as we call it, were hand in glove with this man through the [George] Soros connection,” Mr Jethmalani told NDTV, referring to an investigation by the capital markets regulator Securities and Exchange Board of India (SEBI).

“Soros is the biggest financial contributor to the coffers of the Democratic party and has an overwhelming say in their policies, particularly the economic policies. Now, Soros is known for his anti-India and particularly anti-PM Modi government stand. So, there is not much you can do except now hope that – and I suspect – that the Trump administration may already have started some kind of a probe which led to this man winding up his company,” the senior lawyer said.

“Having said that, whatever aid we can get from the Trump administration, which will be a lot more friendlier to the Indian government on this issue as well, we should undoubtedly invoke that help, and see that this man is brought to justice along with all the others whom he connived with,” Mr Jethmalani added.

Earlier today, another senior lawyer, Mukul Rohatgi, described Hindenburg as a “dubious organisation”. Mr Rohatgi, who is also the former Attorney General for India, told NDTV Hindenburg had been constantly attacking the Indian economy and a company, shaking the confidence of the Indian markets and “affecting the investments of millions of people.”

“Look, I don’t think anybody could accept or, you know, find out anything more about a dubious organisation, an organisation which says that they are short sellers. They say that they are out to create havoc in share markets… And I think they have realised that it is a shoot and scoot policy,” Mr Rohatgi told NDTV.

“And therefore, they want to just close down because they don’t want to face any investigation, either in India or the US or any other jurisdiction. And maybe they fear that when President Trump takes over, he may look into the complaints filed by Indian bodies and industrial houses or Indian government entities,” the senior lawyer said. “Therefore, the idea is to shut shop and run away.”

He said Hindenburg will have to face investigation somehow.

“The people who are behind this dubious organisation, they will certainly be liable and they can certainly be tracked down wherever they are. And they must face the heat and face the action,” Mr Rohatgi said.

The matter had turned political with the Congress and other Opposition parties seeking a joint parliamentary committee (JPC) probe into the Hindenburg report, despite India’s institutions and the Supreme Court completely dismissing Hindenburg’s “findings”.

Adani Group Chairman Gautam Adani at the annual general meeting in June said the group “faced baseless accusations made by a foreign short seller that questioned our decades of hard work.”

“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established,” he said.

New Delhi:

Senior lawyer Mahesh Jethmalani has ripped into the Congress and the Gandhi family, saying Sonia Gandhi’s former leadership role in the Forum of Democratic Leaders – a think-tank funded partly by the George Soros Foundation – and consequent links to Mr Soros “exposes her to grave criminal charges… in view of (the Forum’s) public advocacy of independence for Kashmir”.

In a long and scathing post on X Mr Jethmalani also threw his weight behind the ruling Bharatiya Janata Party, which rocked this Parliament session by alleging collusion between Mrs Gandhi and Mr Soros to defame Indian business interests and adversely impact national security.

“Sonia Gandhi’s co-presidency of the Forum of Democratic Leaders (Asia Pacific) not only establishes her links with George Soros, as the Forum is heavily financed by the George Soros Foundation, but also exposes her to grave criminal charges under (anti-terror law) UAPA in view of public advocacy of independence for Kashmir by the Forum,” the ex-Rajya Sabha MP said.

“… the BJP has exposed the unholy Sonia/Soros nexus and the Forum’s sinister objective qua Kashmir… Promotion of secessionism is a grave offence under the UAPA (Unlawful Activities (Prevention) Act) and the National Investigation Agency must lodge a FIR.” he also said.

#SoniaGandhi‘s co-presidency of the Forum of Democratic Leaders – Asia Pacific (FDL-AP) not only establishes her links with #GeorgeSoros, as the Forum is heavily financed by the George Soros Foundation, but also exposes her to grave criminal charges under the #UAPA in view of the…

— Mahesh Jethmalani (@JethmalaniM) December 11, 2024

Neither Mrs Gandhi nor the Congress have, so far, responded to Mr Jethmalani’s attack, although the party on Monday thundered, “We are patriots… there is no question of an anti-India stance.”

Soros Links “Ridiculous”: Priyanka Gandhi

Mr Jethmalani also slammed Priyanka Gandhi Vadra, who on Tuesday counter-attacked by accusing the BJP of using “the most ridiculous thing” to distract focus from the Congress’ demand – a discussion on the United States’ indictment naming Adani Green Energy.

READ | “Ridiculous, BJP Scared”: PGV On Sonia Gandhi-George Soros Links

“It is the most ridiculous thing they could come up with. They are talking about some 1994 thing… No one knows what they are talking about. The only reason they are doing this is because they don’t want to discuss the Adani issue… they are scared… because the truth will be revealed,” she told reporters.

Ms Gandhi Vadra wasn’t the only Congress leader to come out swinging. Karti Chidambaram dismissed the allegations, telling NDTV “dark fantasies” should be confined to the “dark web”. “People have dark, morbid fantasies and they can continue to have them (but) there will be no credence given.”

PGV’s Comments “Vacuous”

“Priyanka Vadra’s dismissal of her mother’s links with Soros, in a concerted promotion of Kashmiri separatism, is a vacuous response that reveals a reckless disregard for India’s sovereignty and territorial integrity,” Mr Jethmalani hit back in his post on Wednesday.

Calling other senior Congress leaders for their “silence” – he singled out party spokesperson Jairam Ramesh – he also said the BJP “cannot let the issue rest with the exposure”.

He also attacked the Gandhi family, and Ms Gandhi Vadra’s husband, Robert Vadra, for having “escaped the clutches of the law for too long in corruption cases”, pointing to earlier scam allegations, including Bofors, Agusta, and the National Herald cases.

Congress vs BJP Over Adani Row

The Congress, led by Rahul Gandhi, has made the Adani issue the cornerstone of its gameplan for this Parliament session. Mr Gandhi is a fierce critic of ties between the Adani Group and the BJP, which has firmly refuted any improper link to the Gautam Adani-led corporate giant.

The Adani Group, meanwhile, has maintained that billionaire and group head Gautam Adani, his nephew Sagar Adani, and senior executive Vineet Jain are clear of bribery charges, and that the indictment fails to offer evidence to back its claim. It also refuted all charges as “baseless”.

READ | “Democratic Deep State Weaponising US Courts”: M Jethmalani In Adani Case

On that occasion too Mr Jethmalani had come out swinging, warning the Congress to provide “public evidence of wrongdoing” or risk “behaving like a local agent of a foreign power”.

READ | BJP’s Nadda vs Congress’ Kharge Over Soros-Sonia Gandhi Link Claims

The row over the Adani issue – the BJP insisting the real story is the Sonia Gandhi-Soros link, and the Congress demanding a discussion on the indictment – has thrown Parliament into a tailspin, prompting adjournments and, this week, a no-confidence motion against Rajya Sabha Chair Jagdeep Dhankhar.

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New Delhi:

Senior lawyer and former Rajya Sabha MP Mahesh Jethmalani said the Congress is “reading too much” into the indictment against the Adani Group in the US for “purely political purposes”. He said the Opposition party must provide credible evidence before demanding a parliamentary probe.

Mr Jethmalani said the US Department of Justice indictment does not have evidence of any act of bribery carried out in India. “All this noise the Congress has made is completely misconceived. What is the evidence which proves that there was any conspiracy to bribe Indian officials to get these solar energy contracts? (there is) nothing in the indictment,” he said.

“Congress party is blindly relying on an indictment against an Indian conglomerate which has undertaken extremely useful businesses in India and abroad. This is not in India’s interest, and to blindly follow a US court indictment which gives no evidence and does not suggest that any of the Adanis or the company which issued the bonds, Adani Green, have done any wrong in India. Congress is reading too much into the indictment for purely political purposes,” Mr Jethmalani said.

The senior lawyer said that he doesn’t know what evidence the judge is the US who issued the indictment acted upon.

Slamming the Congress, he said, “This is a conspiracy to stop India’s growth story. You are repeatedly going after one corporate group, trying to embarrass the Prime Minister… he is an industrialist who has executed many infrastructure projects successfully in India and abroad of which you should be proud.”

“Don’t rush to condemn him blindly following a US indictment. You are behaving like local agents of a foreign power that has an interest in stopping India’s economic growth. Indirectly, you affect retail investors,” he said.

Mr Jethmalani said there is no need for an inquiry by any authority in India or a Joint Parliamentary Committee unless the Congress puts out “credible evidence” in the public domain. “Please put out evidence, you only want to create some kind of noise and disrupt Parliament. This is completely unwarranted.”

Lawyer and BJP spokesperson Nalin Kohli told NDTV, “Mr Rahul Gandhi and his family members are facing charges in the National Herald case. The standard line is innocent unless proven guilty. At another level, when India is being celebrated across the globe as a bright spot on the economic side, we need to consider whether comments that come from the political class are broadly trying to shake confidence in India’s story. Over the last two-three days, it’s almost like a celebration. After all, when the economy grows, everyone benefits.”

On the Opposition’s uproar in Parliament, Mr Kohli said, “There is a pattern. Let me pick up the Congress strategy. There was Rafale, then there was Pegasus… disruption of Parliament has become a norm.”

On the Opposition’s uproar in Parliament, Mr Kohli said, “There is a pattern. Let me pick up the Congress strategy. There was Rafale, then there was Pegasus… disruption of Parliament has become a norm. During elections, there would be a political situation where political parties would be entitled to put out their point of view… now we are beyond the election, Parliament has to function… would you like to hold that hostage to their liking or disliking of a particular business group?”

Senior advocate Mahesh Jethmalani has slammed US-based short-seller Hindenburg Research’s latest claims as “pathetic damp squib”. “The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre-publicity ill behoves a reputed “research analyst”,” read his post on X, formerly Twitter. “There being nothing new against the Adani group,” the US shortseller is targeting SEBI’s chairperson Madhabi Puri Buch, Mr Jethmalani added.

#Hindenburg‘s “Something big” is a pathetic damp squib, The announcement prior to its alleged big revelation itself reveals its motive: to destabilise India’s stock markets. The pre publicity ill behoves a reputed “research analyst “. As regards the “big” something there is… https://t.co/QeKNO4gEFp

— Mahesh Jethmalani (@JethmalaniM) August 11, 2024

Hindenburg’s Saturday’s allegations has been slammed by the industry, the ruling BJP and others.

The Adani Group has termed the allegations “malicious, mischievous and manipulative” . The group said it has no commercial relationship with SEBI chairperson or her husband.

“For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws,” the group said in an exchange filing.

Last month, market regulator SEBI (Securities Exchange Board of India) had sent a show-cause notice to Hindenburg and its sole beneficial owner Nathan Anderson. The regulator had flagged violations by Hindenburg and Anderson under the SEBI Act, SEBI’s Prevention of Fraudulent and Unfair Trade Practices regulations, and SEBI’s Code of Conduct for Research Analyst regulations.

“SEBI had issued a notice to Hindenburg seeking information regarding the circumstances of the Adani short sale as it was entitled to. Instead of responding to these Hindenburg has chosen to attack its Chairperson on the ground of conflict of interest,” Mr Jethmalani said.

“The picture thus is one of a US based profiteer who made millions of dollars at the cost of Indian retail investors now hedging questions legitimately asked by the Indian regulator and brazenly defaming the latter without answering its questions. This reeks of colonial arrogance of days bygone,” his post read.

“It is time the govt of the day turned its serious attention to these anti nationals who have no other agenda but to  disrupt  India’s social fabric, distort its polity and now devastate its economy,” he added.

Alleging that there is a “cabal” operating in the Supreme Court, senior lawyer Mahesh Jethmalani has termed the VVPAT verification petition – on which the court gave its judgment today – motivated and said the intention was to cast a doubt on the sanctity of India’s electoral processes. 

Hitting out at the petitioners in such cases in an exclusive interview with NDTV, Mr Jethmalani also called them “bad losers”.

Giving its verdict on the petition today, in which it gave a thumbs-up to the current electoral processes – with two tweaks – the Supreme Court bench also made stern remarks against the petitioners. “A trend has been fast developing of certain vested interest groups endeavouring to undermine the achievements and accomplishments of the nation,” Justice Dipankar Datta, one of the two judges on the bench, said. 

Reacting to the Supreme Court’s judgment, Mr Jethmalani said, “You have got a judicial seal of approval on the sanctity and integrity of the EVM system of conducting elections. But this is a repetition of the past, it has already happened before. In 2019, the court had already been through and given it their endorsement. So these are all motivated litigations. As the Supreme Court pointed out this time, it was based only on suspicion. There were no hard facts to invoke the jurisdiction of the court. 

“It is a motivated petition, it is really done by a bunch of people who are not so much concerned about strengthening our electoral process, but casting a doubt on the sanctity of our democratic processes… In my view, this is an extremely anti-national step to keep casting doubt on the integrity of the process. Because, you know, you undermine the legitimacy of the government you don’t agree with. You are a bad loser,” the senior lawyer thundered. 

Mr Jethmalani said since the issue was serious, the Supreme Court spent some time on it and gave the electoral process another seal of approval. 

“I call them a mob that moves these petitions. Their intent is always questionable and they are really badly motivated rabble-rousers. There is no sense of responsibility in the actions they take, particularly in a really sober institution like the Supreme Court. And they make the world watch. You can go and give press conferences. It’s self-publicity and it is at the cost of the nation’s institutions,” he said. 

‘Partisan Petition’

To a question on two new safeguards put in place by the Supreme Court – sealing and storing the symbol loading unit for at least 45 days and allowing checking the burnt memory in the EVM microcontroller if candidates request for it – Mr Jethmalani pointed out that the Election Commission said there was no need for it, but added that it is good that these extra precautions have been put in place. 

“It will now show that the Supreme Court has not only examined the issue yet another time, but examined it to the point of such care that they don’t want any future reopening of the issue,” he said.

Mounting an attack on the opposition and Senior Advocate Prashant Bhushan, who represented the Association of Democratic Reforms, Mr Jethmalani claimed that the BJP never questions EVMs when parties opposing them win the elections. 

“Look at the motives of someone like Prashant Bhushan. When the opposition wins in Karnataka or the Left wins in Kerala, then the EVMs are sacrosanct. That’s how partisan this is. This is motivated not only from the point of view of undermining BJP victories and India’s electoral process, it is also a cabal that operates under the aegis of the opposition. I’m saying that very clearly, and I can prove it. Every time this group has done it… it has never championed causes where the opposition is covered in mud,” he said.

Asked about senior BJP leaders LK Advani and Subramanian Swami having raised doubts on electronic voting machines, the Rajya Sabha MP said, “I don’t recall Mr Advani ever taking this issue up. What can one say about Dr Subramanian Swami? He’s a busybody in court. He goes and he takes up all kinds of issues. Dr Swamy doesn’t repeat the same issue over and over. And nobody can accuse Dr Swamy of being partisan. He’s a maverick  politician, his guns can be trained on anybody.”

Mr Jethmalani also said that the opposition uses these petitioners as a front because it would, otherwise, have to answer why it does not complain about EVMs when it wins.